JAKARTA. Media company PT Visi Media Asia (VIVA) suffered financial losses of more than Rp 245 billion in the first half of this year as ballooning foreign exchange (forex) losses and higher operating costs ate up the company’s stagnating revenue. According to the company’s announcement filed with the Indonesia Stock Exchange (IDX), the company suffered a total loss of Rp 245.50 billion (US$167.46 million) as of June 30 this year, in stark contrast with the Rp 81.72 billion net profit it posted in the same period last year. Its revenue stagnated for the period at around Rp 1.1 trillion, which was a slight 3.7 percent increase from the Rp 1.05 trillion posted in the corresponding period last year. The sharp depreciation of the rupiah against the US dollar drove Viva’s forex losses down by Rp 112 billion, in contrast with last year’s gain of Rp 4.82 billion.
VIVA in the red as forex losses grow
JAKARTA. Media company PT Visi Media Asia (VIVA) suffered financial losses of more than Rp 245 billion in the first half of this year as ballooning foreign exchange (forex) losses and higher operating costs ate up the company’s stagnating revenue. According to the company’s announcement filed with the Indonesia Stock Exchange (IDX), the company suffered a total loss of Rp 245.50 billion (US$167.46 million) as of June 30 this year, in stark contrast with the Rp 81.72 billion net profit it posted in the same period last year. Its revenue stagnated for the period at around Rp 1.1 trillion, which was a slight 3.7 percent increase from the Rp 1.05 trillion posted in the corresponding period last year. The sharp depreciation of the rupiah against the US dollar drove Viva’s forex losses down by Rp 112 billion, in contrast with last year’s gain of Rp 4.82 billion.